SCBUS223 Lecture Notes - Lecture 1: Continual Improvement Process, Strategic Management
14 Sep 2016
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Document Summary
Technological innovation is the single most important driver of competitive success in many industries (product/process) Many firms earn over 1/3 of sales on products developed within last 5 years. Product innovations help firms protect margins by offering new, differentiated features. Life cycle of a company has shortened over time. A lot of companies overlap into different industries. Toyota: efficient process, just in time, largest manufacturer of automobiles (kaizan: continuous improvement used in other companies. Advances in information technology have enabled faster innovation. Cad/cam systems enable rapid design and shorter production runs. Importance of innovation and advances in information technology have led to: Innovation enables a wider range of goods and services to be delivered to people worldwide. Innovation has no boundaries, more efficient product, improved technologies, increase gdp by making labour/capital more effective and efficient but result in negative externalities (pollution, erosion, antibiotic resistant bacteria) Water drip irrigation of agriculture controlled by satellite.
